Kaesong Industrial Complex Archives | Be Korea-savvy
Former Kaesong Industrial Complex Companies Shift Production to Vietnam

Former Kaesong Industrial Complex Companies Shift Production to Vietnam

SEOUL, Jul. 25 (Korea Bizwire) — A number of local companies that operated factories situated in the Kaesong Industrial Complex are relocating to Vietnam and other countries after being unable to deal with rising labor costs. According to the association of companies that has production facilities in Kaesong, of the 123 companies that operated factories [...]

South Korean Firms Accept Government Compensation over Kaesong Complex Shutdown

South Korean Firms Accept Government Compensation over Kaesong Complex Shutdown

SEOUL, Nov. 13 (Korea Bizwire) – South Korean companies that operated factories at the now-shuttered joint industrial park in North Korea said Monday they will accept the tens of billions of won in compensation recently offered by the government, yet decided to seek additional support. On Friday, the government said it will provide compensation to hundreds of domestic companies who suffered losses [...]

Resumption of Kaesong Complex Could Spark Row over U.N. Sanctions Violation

Resumption of Kaesong Complex Could Spark Row over U.N. Sanctions Violation

SEOUL, Feb. 7 (Korea Bizwire) – A resumption of the now-shuttered joint industrial complex could spark a row over the breaking of the latest U.N. sanctions resolutions against North Korea, a government official said Tuesday.  With the shutdown of the Kaesong Industrial Complex marking the first anniversary this week, whether to resume the factory zone [...]

Gov’t Offers 84 Pct of Earmarked Support to Kaesong Complex Firms

Gov’t Offers 84 Pct of Earmarked Support to Kaesong Complex Firms

SEOUL, Sept. 28 (Korea Bizwire) – South Korea said Wednesday it has handed out 84 percent of support funds earmarked for local firms that operated factories in the now-shuttered joint industrial park in North Korea to help cover their financial losses.  The government has offered 438.5 billion won (US$399.8 million) out of about 500 billion [...]

S. Korea Rejects Calls for Reopening Shuttered Joint Industrial Park

S. Korea Rejects Calls for Reopening Shuttered Joint Industrial Park

SEOUL, Aug. 10 (Korea Bizwire) – South Korea on Wednesday said it is nonsense to talk about reopening the now-shuttered joint industrial park with North Korea, as the communist country is continuing to move forward with its development of nuclear weapons and missiles.  Six months ago, Seoul shut down the Kaesong Industrial Complex in the North’s [...]

South Korean Firms at Joint Industrial Park Boycott Government Support Measures

South Korean Firms at Joint Industrial Park Boycott Government Support Measures

SEOUL, June 1 (Korea Bizwire) – South Korean firms suffering months-long financial damage from the shutdown of a joint industrial complex in North Korea expressed discontent with the latest government support measures on Tuesday, saying the partial aid is not enough to compensate for their losses.  Seoul shut down the Kaesong Industrial Complex in the North’s [...]

S. Korea to Further Limit Entry of Nationals to Joint Industrial Park

S. Korea to Further Limit Entry of Nationals to Joint Industrial Park

SEOUL, Feb. 7 (Korea Bizwire) – South Korea said Sunday it will further restrict the entry of its nationals to a joint industrial park in North Korea in response to the North’s long-range rocket launch. The Unification Ministry said that it will reduce the number of South Koreans staying at the Kaesong Industrial Complex in [...]